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NAIF throws half a billion to Genex

THE KIDSTON Stage 2 project of pumped hydro and combined additional solar power has got the heads up from the Commonwealth with the announcement today of a A$516 million secured long tenor subordinated loan from the $5 billion Northern Australian Infrastructure Facility.

The Genex Power venture is only the third project to receive NAIF funding, the first being $16.8 million for phase two of the Onslow Marine Support base and $7 million for a Northern Territory barramundi farm.

The 20-year loan is subject to a number of conditions and customary terms including negotiating offtake agreements and grid connection for energy and dispatch rights, securing the balance of equity from an "acceptable equity partner", among others.

Financial close is planned before year's end for the North Queensland proejct.

Genex executive director Simon Kidston told Energy News it was "a massive milestone" that will secure the future of st...